Home Sales Climb Continues in January Across Metro Boston

The recovery underway in the local housing market continued during the first month of 2012, as sales of detached single-family homes rose on an annual basis for a seventh consecutive month in January across metropolitan Boston, climbing 12.4 percent over the same month last year. The 525 single-family homes sold this January is the highest sales volume for the month in five years. Pending home sales also increased in January by 16 percent, improving for a ninth consecutive month over the comparable period one year earlier. In the condominium market, sales remained steady, increasing 1 percent from January 2011 to 403 units sold, and pending sales rose 14 percent.

The rebound in market activity and buyer demand reflects gains in consumer confidence and improvement in the labor market, as well as record low mortgage rates and lower home prices which have boosted housing affordability levels at the same time rents in Greater Boston have been on the rise. In the GBAR/GBREB jurisdiction, the median selling price for detached single-family homes has declined 10 percent over the past 12 months to $407,250 this past January, while the condominium median selling price has decreased 2.2 percent over the same period to $349,000. For complete data and analysis on housing market activity in Greater Boston during January, visit the Monthly Housing Reports page on gbar.org. Individual Local Market Update reports for 64 communities and 20 neighborhoods within the City of Boston also are available online.